OCI GDR

Korean polysilicon producer seeks $700 million from GDR sale

After becoming the third largest supplier of polysilicon to the solar power industry in just three years, OCI is now on the road to woo international investors.
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Workers install solar panels on the roof of a railway station in China's Nanjing City. (AFP)</div>
<div style="text-align: left;"> Workers install solar panels on the roof of a railway station in China's Nanjing City. (AFP)</div>

OCI Company, a Korean producer of value-added specialty chemical products, is currently on the road to drum up support for an issue of global depositary receipts GDRs, which looks set to become the largest sale of such instruments by an Asia ex-Japan issuer since Taiwan’s Innolux Display Corp raised $1.35 billion in November 2007.

The company is aiming to raise up to $700 million that will go towards the construction of two new polysilicon plants as it seeks to ramp up its production of this raw material for the solar power sector. It started commercial production of polysilicon only in 2008, but as of last year it...

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